Nifty likely to witness range of 4740-4550: Bhambwani
Published on Thursday, June 11th, 2009 at 9:17 AMAuthor: admin (5507 Articles)
Technical Analyst, Vijay Bhambwani:
Opening on a bullish note, the markets ended with gains as the bulls continued their support through the session. The traded volumes were higher as compared to the previous session, which is a positive indicator on an uptick session. The market breadth was negative as the BSE & NSE combined advance decline ratio was 1793 : 2245. The capitalisation of the breadth was positive as the BSE & NSE combined figures were Rs 24023 Crs : Rs 10032 Crs.
The indices have closed in the upper end of the intraday range but with negative market internals and higher volumes. These are indications of retail selling pressure. The market was boosted by the technology and banking stocks. The intraday range specified for Wednesday between the 4675 / 4430 has held loosely as the Nifty retraced from the 4688 levels.
The coming session is likely to witness a range of 4740 on advances. Support is likely at 4550 on declines. The bullish pivot for the session will be at the 4640 and the bearish pivot at the 4600 levels. Traders need to watch the activity beyond these thresholds respectively.
The market internals indicate a higher turnover due to the buying at lower levels. The number of trades were higher and the average ticket size per trade was higher, indicating an improved buying bias. The capitalisation of the market was higher in line with an uptick session.
The outlook for the markets today is that of guarded optimism as the overseas cues and follow up buying will determine the fresh upsides.
Disclosure: The analyst has no exposure to the scrips recommended above.
Source : MoneyControl
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